A Canadian mining company operating in one of the world’s biggest copper deposits has avoided more than half a billion dollars in Canadian tax over the last seven years, according to a report released Wednesday. This structure allowed the company to avoid paying $559 million in Canadian corporate income taxes ($690 million Canadian at current exchange rates), while only paying $89 million (U.S.) in tax in Luxembourg, according the report. British-Australian mining group Rio Tinto, which owns 51 per cent of Turquoise Hill contests SOMO’s findings. “The flawed SOMO report contains a number of unsubstantiated and incorrect allegations regarding tax,” wrote spokesperson Illtud Harri. Turquoise Hill told SOMO it received a written approval from the Canada Revenue Agency.

Source: thestar January 31, 2018 10:52 UTC